Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1887-01-15


bonds are in judgment.
WM. B. STEELE, County Clerk.
of 40 cents on the 500 will largely ex-
ceed that sum, but as the surplus can
all be profitably used IN retiring per
cent bonds at par, l do not deem it
wise to now change that levy.
FUND COMMISSIONERS.
The operations of the board of fund
commissioners for the past two years
are given in the following memoran-
DUN:
On the first day of January, 1885, tie
outstanding bonded debt of the state
was IL ,S03 900 dollars, bearing 6 per
cent. interest, of which only 5000 ma
tured in 1885. This sum was paid at
maturity.
After advertising for offers of bonds
to absorb the sinking fund, the board,
May 4, 1885, purchased AL bonds at
cost of 9,7S1 80 dollars, including
interest, and October 2, 1885, they
purchased So bonds for 65,2s5 03, in
Guiding interest.
The bonds maturing in 1886 amount
ed to 2,129,O00 dollars, which was
largely in excess of the resources OF the
sinking fund. To provide for this ex-
cess the thirty-third general assembly
passed funding bill authorizing the
fund commissioners to issue 500 fund
necessity arose.
March II, 1886, Pacific railway bonds
matured amounting to 1,0S1 900. To
meet this demand the board sold and
issued under the funding act $50 OF the
500 funding bonds, bearing 81 per
cent. interest and dated March Is, 1885
On this sale they realized premium Of
2,53S so, making the proceeds 662,-
53S SO, the balance of the 1,08l 600
being paid out of the sinking fund.
On June 18th, the fund commissioners
paid $1,000 dollars North Missouri
railway bonds maturing on that day,
and August 22nd, 10000 North
Missouri railway bonds maturing on
that day, both out of the sinking fund.
September 5th 391 900 North Nilsson.
RI railway bonds matured, and Novem.
ber 10th 462 H. & St. j. railway bonds
matured. To meet these demands they
sold and issued 800 of the $50 bonds
bearing 81 per cent. interest, dated
| September l, 1886, for 3O8,703 50, and
400 similar bonds dated November l.
1886, for 4l0, ,520. The balance of the
demand was paid out of the sinking
fund. The total amount of 81 per cent
funding bonds sold to date is $50, OF
which premiums amounting to 81
| hou
$4,000 of per cent. bonds outstanding
January l., 1885, 1,276,0 have beer
paid out of the sinking fund, 1850, ,O0(
have been funded at 81 per cent, anG
9,lS7 900 still bear per cent. Provis
ions have been made for funding
92S,0O0 Hannibal s. st. Joe railroad
bonds falling due February %, 1897
and 649,0UO Pacific railroad bond.
maturing March 10, 1887, by the issu,
of 1 ,577 bonds bearing 81 per cent. in.
terest, dated March l, 1887.
The interest Oh the eutire state deb
has been promptly paid, including tn,
January, 1887, interest.
The school fund indebtedness con.
sists in one certificate of 2,909, 900 dol
lars, bearing 6 per cent. interest, pay.
able annually January l, and three
certificates aggregating 225, 900, bearing
5 per cent. interest, payable semi
annually January and July l..
The seminary fund consists OF one
per cent. certificates of 122, 900 dollars
interest payable annually, and one O
100000 bearing 5 per cent. interest
payable semi annually. The Agricul
tural college fund consists OF thre
oorfi 4 ~ fos a oQJ nnO L1..:,,.
D per cent. interest, payable semi.
annually.
1t will be remembered that the &C
providing for refunding the public deb
limits the bonds to 5-20 bonds. Tn
last sale of bonds, August II, was re
markable for the high price realized
indeed, it is without parallel for stat
bonds redeemable 80 short a time q
five years after issue. 1t is my owl
opinion, in which am confirmed b,
many distinguished financlers, that, hat
the bonds been irredeemable under tel
years, they would have brought even
much higher price. believe l0-20bond
bearing 3 per cent. interest, could b
sold at par or above. AS a large par
OF the state debt falls due In the mex
two years-6,6 ,652 900 dollars-I cal
your particular attention to this matter
and would suggest that you so amen,
the law as to allow the fund commis
sioners to issue 500 or 1920 bonds, a
to them may seem best.
LINCOLN INSTITUTE.
In 1870 an act was passed to estab
lish normal department in Lincol
Institute and to appropriate for its sup
port 5000 dollars per annum. Thi
appropriation was made by every sue
ceeding legislature until 1879, when a
,, additional appropriation of 5000 wa
made for the purpose OF liquldatin
the debt of the institute. The the
governor OF the state, the late John s
Phelps, seeiug that this extra appropr
+, ton was unconstitutional, held the bill
. and suggested to the board of trustee
that the institute, together with all ii
property, be transferred to the state
IN order that he might be able to sig
the bill making the appropriation. Tn
transfer was made aud Lincoln Inst
;, tute became state scuool.
Since then the Legislature has mad
:, liberal appropriations tor its maintel
:, ance and improvement. 1t is fortunal
lOi tuc sCliOOl tldl IL udS lOT ltS Uedu
man who, while he makes use of ever
; opportunity to advance the educations
. interests of his people, succeeds i
doing it without stirring up bitterness
of any kind between the races G
political parties. The school is in
n prosperous condition and gives ever
n indIcatian of SO continuing. and rec
ommend that you make liberal pre-
vision for its support.
n COMMON SCHOOLS.
% ga general diffusion of knowlede
- and intelligence being essential to II
" preservation of the rights and liberti,
10 of the people, the general sssembl
70 shall establish and maintain free publ
10 schools for the gratuitous instructlC
N of all persons in this state between Il
~ ages of 6 and 20 years. GConst. Mo
- art. xi., sec. l.. Such is the groun
50 upon which stands the beautiful temp
y OF learning that our people are buile